Produced by: BT Desk
March 31 is the last date for investing in tax-saving schemes for this financial year. If you are still struggling with your tax math, there are a few options you can consider in that last-minute rush. You can save up to Rs 1.50 lakh in tax. Here are some options under 80C.
Employees contributing in Public Provident Fund (PPF) can claim deductions under Section 80C. PPF has a maximum deposit limit of Rs 1.50 lakh, allowing exemption on the entire deposited amount.
Employee Provident Fund (EPF) members are eligible for deduction under Section 80C.
Deposits up to Rs 1.50 lakh in Equity Linked Saving Schemes, or ELSS, are eligible for exemption under Section 80C. These have a three-year lock-in period.
Open to public and private sector employees, deposits in this scheme provide relaxation under Section 80C. People with Tier-1 NPS account can expect a further deduction of Rs 50,000 under sub section, 80CCD.
Premiums paid for yourself, children, spouse are eligible for deductions under Section 80C. If you have more than one policy, club the premiums and claim deductions up to Rs 1.50 lakh per annum.
The amount invested in National Savings Certificate is also eligible for deductions under Section 80C.
Unit Linked Insurance Plans (ULIPs) have the dual benefit of coverage and returns. You can avail of exemptions up to Rs 1.50 lakh on the invested amount under Section 80C.
Investors under this scheme can avail the benefit of tax deductions up to Rs 1.50 lakh under Section 80C